KK Avala Ada was established on 23 December 1998 by a group of basketball enthusiasts, all employed at Avala Ada packaging factory. The club played in the lower ranks, functioning as part of Avala Ada sports society that was formed at the same time.

In the summer of 1999, the club won the City of Belgrade regional league (the summer league), thus qualifying for the Serbian Second League (fourth-tier competition in the FR Yugoslavia basketball pyramid). Playing the 1999–2000 season in the Second League, the club set an ambitious goal of gaining promotion on its first try and succeeded.

The 2000–01 season was played in the Serbian First League, finishing third and barely missing the promotion. The following 2001–02 season, Avala Ada finished third again. In the 2002-03, the club again missed promotion based on the league standing, but managed to qualify to federal First B League through playoffs in Novi Bečej, beating KK Vrbas and KK Zeta.

Playing its first season, 2003–04, in the federal rank in First B League (Serbian group), Avala Ada finished third thus missing promotion to top league.

Before the start of 2004–05, the most significant development in club's short history occurred - it was taken over by BeoBasket sports agency led by Miško Ražnatović. After that, at the end of the 2004–05 season, they have qualified for the highest competition level in the country. In December 2005, the club changed it name to KK Mega Basket. At the same time the club signed sponsorship agreement with bakery company Ishrana A.D. Smederevo, and in the period from 2005 to 2007, the club officially named Mega Ishrana. Later, also for sponsorship reasons, the club was called Mega Aqua Monta in the 2007–08 season, and Mega Hypo Leasing in the 2008–09 season.

In August 2009, before the start of the 2009–10 season, another city club called KK Vizura merged into KK Mega Hypo Leasing, and the club was renamed KK Mega Vizura.